Static Synchronous Compensator (STATCOM) Market Trends

Growth Drivers

• Rising Adoption of Renewable Energy Sources – Numerous industries, including renewable energy, make considerable use of the Static Synchronous Compensator (STATCOM) industry to regulate voltage and reactive power, and assist in stabilizing electric power networks in the green energy industry. For instance, through 2026, more than 90% of the expansion in the world's electricity capacity is expected to come from renewable sources.
• Growing Electronic Industry- The Static Synchronous Compensator, or STATCOM, is a power electronics-based device that regulates the reactive power flow through a power network, hence enhancing the stability of the power network, by using force-commutated power electronics such as IGBT, GTO, and others.

Challenges

• High initial investment - Static Synchronous Compensators are often utilized in DC systems with high voltage the price of which is affected by the amount of power to be transported, the kind of transmission medium, and the surrounding environment. Due to its complexity, and the presence of intricate cooling mechanisms to maintain the conversion equipment at its crucial operating temperature contributes significantly to the operational expenses and makes the cost of constructing HVDC stations many times greater than that of constructing HVAC stations.
• Complexity associated with the integration of existing systems can impact the market growth
• Lack of awareness and knowledge among grid operators about the advantages of static synchronous compensator (STATCOM)